SkyePharma raises L112 million

SkyePharma plc (LSE:SKP) raised L112 million ($188.8 million) through the sale of 58.7 million shares at 191p in a placing and open offer. Shareholders were eligible to purchase 11 shares for every nine shares held in the open offer. In March, the company proposed to raise L112 million in the offering, which was subject to shareholder approval at an April 25 general meeting. N+1 Singer was placement agent. SkyePharma is using the proceeds to redeem L60.8 million ($102.5 million) of its 6.5% bonds due 2024 (see BioCentury, April 14).

SkyePharma's Flutiform fluticasone/formoterol is marketed in Europe and Japan to treat asthma. Flutiform is a fixed-dose combination of formoterol, a long-acting adrenergic receptor beta 2 agonist (LABA), and fluticasone, an inhaled corticosteroid, delivered via a hydrofluoroalkane metered-dose inhaler. ...